Oil majors suspend Strait of Hormuz shipments as Iran warns commercial vessels

Iranian naval forces began hailing commercial vessels near the Strait of Hormuz after Operation Epic Fury began, declaring the waterway closed to shipping. Major trading houses and container shipping companies including Maersk, CMA CGM, and Hapag-Lloyd suspended Hormuz transits. The Strait carries approximately one-fifth of all globally traded oil; its disruption triggered the largest single-day US gas price spike since Hurricane Katrina, surpassed only by the spike recorded three days later on March 3.